Samsung Profit Climbs 42% on Smartphone Sales

SEOUL—Samsung Electronics Co. said its first-quarter net profit rose 42% from a year earlier on strong smartphone sales, but the pace of earnings growth slowed, highlighting stiff competition.

South Korea's biggest company by market capitalization has been betting on its new smartphone, the Galaxy S 4, to drive sales in the current quarter, but its plans hit a temporary hiccup after some U.S. wireless carriers said this week they are...